LIMA, Ohio — Superior Credit Union has partnered with Lima Memorial Health System to encourage families to begin saving for their children’s futures at birth through a new financial literacy initiative, according to reporting by WLIO.
Under the program, new parents at Lima Memorial receive a baby box containing a baby onesie and an offer for $50 to open a Percy Pig Savings Account for their newborn.
The initiative is designed to support the credit union’s financial literacy mission by providing families with an early opportunity to begin building savings for their children.
Kelsey Joseph, marketing director for Superior Credit Union, told WLIO the Percy Pig Super Saver is a 12-month certificate of deposit that differs from a traditional CD by allowing additional deposits throughout the term.
Percy Pig Can be Fattened
“We have a product called Percy Pig Super Saver. It’s a CD. It’s a 12-month CD. The rate is as high as 3.5% APY right now,” Joseph said. “But unlike a traditional CD, you can add to it continually.”
Joseph said parents can continue contributing to the account without investing in stocks or bonds, while earning a fixed annual percentage yield that remains locked in for the 12-month term. She added the minimum opening deposit is $100.
Affordable Way to Begin
Justine Winegardner, office coordinator for the Lima Memorial Health System Family Birth Center, told WLIO the program offers an affordable way for parents to begin planning for their children’s financial future.
“It’s a very affordable way for you to help your child get on the proper path to financial success,” Winegardner told WLIO. “It’ll be great for the kids to get started, think about their finances, just be prepared for the future, maybe college funds or something like that.”
According to WLIO, parents who participate in the program also have the opportunity to enter their child in the Percy Pig photo contest.
